There is “no good news” for house buyers in Louth in the latest daft.ie report, according to Deputy Ruairí Ó Murchú.
The Dundalk TD says the 9.1% increase in house prices in Louth compared with the same period last year “is only pushing affordability further and further away from first-time buyers.”
The daft.ie report shows there was a 3.1% increase in the prices of residential property in the county in the second quarter of the year, compared with January to March 2022.
Deputy Ó Murchú said the increase in prices is “huge” for first-time buyers.
He said: “Every quarter, it seems that the selling prices for property in Louth, and across the State, are spiralling ever upwards.”
“The 9.1% increase in Louth, when compared with last year, means that homes are getting further and further away from the reach of those who want to buy for the first time. This 9.1% increase means that people have to save for bigger deposits, which is next to impossible for some people, who are already struggling with huge cost of living rises since the start of the year.”
He added “This is coupled with the fact that rents are at extortionate rates in Dundalk and Drogheda in particular, meaning it is impossible to save for a deposit while paying huge rents. It is brewing into a perfect storm for first-time buyers who just cannot get a break in this market.”
The Dundalk TD said “This week, Housing Minister Darragh O’Brien will have been in the department for two whole years and there has only been a small number of affordable homes to purchase made available in 2021. Homelessness has returned to pre-pandemic levels.”
“There has to be a change in direction from this government and they have to dramatically increase capital investment to deliver at least 20,000 social and affordable houses a year’.